18.08.201709:32 Forex Analysis & Reviews: Wave analysis of the EUR / USD currency pair for August 18, 2017

Analysis of wave counting:

In general, it is expected that during the yesterday's trading, the pair EUR / USD resumed the downward movement although (once again), could not gain a foothold under the level of the 17th figure. Thus, we can assume that the currency pair still remained in the stage of formation of the third wave in (C), in which its internal 2nd wave significantly complicated its wave structure. If this is the case, the currency pair will continue the beginning of the decline in quotes towards the calculated targets for this 3rd wave in (C), located up to the level of 1.1500. At the same time, in conditions of increased volatility of the market, there is a possibility that the 2nd wave in (C) will begin to acquire signs of an extended oblique correction.

The objectives for the construction of a downward wave:

1.1625 - 100.0% by Fibonacci

1.1565 - 127.2% by Fibonacci

Aims for building an upward wave:

1.1898 - 161.8% by Fibonacci

1.2000

General conclusions and trading recommendations:

The currency pair supposedly completed the wave (B) near the mark of 1.1898. It is now possible to continue the decline in quotations within the first waves in the future (C) with targets located near the marks of 1.1625 and 1.1565, which corresponds to 100.0% and 127.2% of Fibonacci. The correction wave 2, 3 is nearing completion but becomes more complicated.